Genuine Parts (NYSE:GPC) Releases Earnings Results, Misses Estimates By $0.54 EPS

Genuine Parts (NYSE:GPC) issued its earnings results on Tuesday. The specialty retailer reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.54), Briefing.com reports. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The company had revenue of $6 billion for the quarter, compared to the consensus estimate of $5.94 billion. During the same period in the prior year, the company earned $2.49 earnings per share. The firm’s revenue was up 3.0% compared to the same quarter last year. Genuine Parts updated its FY 2024 guidance to 8.000-8.200 EPS and its FY24 guidance to $8.00-$8.20 EPS.

Genuine Parts Stock Performance

Shares of NYSE GPC traded up $3.09 during midday trading on Wednesday, reaching $116.20. The company’s stock had a trading volume of 1,047,678 shares, compared to its average volume of 987,691. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.12 and a quick ratio of 0.54. The stock has a market capitalization of $16.19 billion, a P/E ratio of 12.86 and a beta of 0.90. The firm has a 50 day moving average price of $138.64 and a 200-day moving average price of $142.82. Genuine Parts has a 12-month low of $112.74 and a 12-month high of $164.45.

Genuine Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were paid a $1.00 dividend. The ex-dividend date was Friday, September 6th. This represents a $4.00 annualized dividend and a yield of 3.44%. Genuine Parts’s dividend payout ratio (DPR) is 44.59%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. UBS Group reduced their target price on Genuine Parts from $145.00 to $125.00 and set a “neutral” rating for the company in a research note on Wednesday. Wedbush reduced their price objective on Genuine Parts from $145.00 to $120.00 and set a “neutral” rating for the company in a research note on Wednesday. Evercore ISI upped their target price on Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a research report on Tuesday. StockNews.com downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $144.57.

About Genuine Parts

Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates in two segments: Automotive Parts Group and Industrial Parts Group segments. The company distributes automotive replacement parts for hybrid and electric vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, marine equipment, and heavy duty equipment; and equipment and parts used by repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.